RIA – Robotic Invoice Automation
RIA offers an automated invoice processing solution that not only integrates with the Finance (FI) and Procurement modules (MM) but also integrates with the Real Estate (RE) module for Rental invoice processing.
The following 3 main stream invoicing processes are followed:
Procurement related invoices
Follow the SAP Standard 3-way match between Purchase Order, Goods Receipts and Invoice. A MIRO document is posted.
Non Procurement related invoices
The system validates and post a Finance Document.
Rental & Utility related invoices
Validate Real Estate contract terms & fix conditions, and automatically update variable condition values and settles accordingly.
With its Invoice Monitor Dashboard, you have full visibility on all invoicing traffic and processing status. Additional validations on the actual invoice, like Vat, Banking, Name & Address, and more, the system highlights potential master data update requirements.
Additional validations ensures the completeness and quality of the invoice and processing steps
Change management and a full audit trial allows exists.
Below a few of the biggest challenges in Payables and how RIA addresses these concerns:
Manual data entry and inefficient processes – with the RIA solution, data capturing is reduced by 85% and process completely automated with error handing functions.
Missing invoices
RIA offers a single Invoice Monitor for Invoice traffic, status, entry details, change logs, error reports, etc.
Duplicate invoices / Payments
RIA tracks the actual invoice as well as invoice contents, it further improved the SAP Standard duplicate invoicing functions by also considering special characters, or tracking if the user added a character to bypass the standard duplicate invoice rules.
Fraud and Security issues
RIA offers segregated user functions which allows the team to monitor/perform specific assigned functions.
Lack of visibility into outstanding Liabilities
RIA reads and reports on the invoice values, before this is even posted, expected Liability values are available for reporting.
RIA offers the benefits:
- Minimize human error
- Reduce manual and time-consuming activities
- Increase employee satisfaction and boost productivity rates, as the employee can spend more time on important tasks rather than repetitive tasks.
- Enable greater control within the finance team
- Offer additional validations and integration to enhance quality and performance.